The IRS issued Notice 2023-23, guidance that addresses required minimum distribution (RMD) reporting by IRA trustees, custodians, and issuers.
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Because auto-enrollment is so effective, Congress has included in the SECURE 2.0 Act a provision that will require most newly established 401(k) and 403(b) plans to include such a feature, starting in the 2025 plan year.
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The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.
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The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans.
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The SECURE 2.0 Act makes it easier for individuals who own the entire interest in an unincorporated trade or business to make elective deferrals to a 401(k) plan for their first plan year.
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The ink was barely dry on the President’s signature when the calls started coming in about the SECURE 2.0 Act. And as you might expect, the questions weren’t all about what new provisions this legislation contained.
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SECURE 2.0 has now opened a new window, allowing eligible retirement plan participants and IRA owners to make larger catch-up contributions.
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Health savings accounts (HSAs) can be easy to offer employees and benefits everyone. But employers should know what their responsibilities are for their employees’ HSAs.
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Here’s a refresher on how to know the reporting differences between rollovers, postponed/late contributions, and repayments.
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An in-plan Roth rollover (IRR) is a rollover of non-Roth assets to a designated Roth account under the plan. Learn more about the plan and notification requirements for an employer plan to offer IRRs.
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The SECURE Act of 2019 has been followed by a package of several bills, which have collectively been dubbed “SECURE 2.0.” These bills were eventually combined into a single bill, titled The SECURE 2.0 Act of 2022. This bill was included in the Consolidated Appropriations Act of 2023, which was signed into law on December 29, 2022.
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The SECURE Act of 2019 increased the RMD age from 70½ to 72 years. Now the SECURE 2.0 Act of 2022 is once again delaying the RMD age—from 72 to 73—starting in 2023. And wait, there’s more. In 2033, the RMD age will increase to age 75.
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It’s been 25 years since Roth IRAs first became available as a tax-favored retirement savings option. Today, Roth IRAs are just as relevant as they were when they were introduced. In fact, the SECURE 2.0 Act of 2022 includes provisions that may continue to expand the popularity of Roth IRAs as a unique retirement savings tool in years to come.
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An individual can contribute to an employer-sponsored retirement plan and to a Traditional IRA. But claiming a federal income tax deduction for a Traditional IRA contribution may be a different matter.
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Qualified plan loan offsets (QPLOs) give clients more time to repay most outstanding plan loans.
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The holiday season is often called the most wonderful time of the year, but many self-employed individuals also call it the most stressful time of the year.
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If your financial organization holds a Traditional or SIMPLE IRA on December 31, 2022, and the IRA owner will be 72 or older in 2023, you must provide the IRA owner with an RMD statement by January 31, 2023.
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One of the most difficult aspects of reporting IRA and retirement plan distributions is determining the proper distribution code(s) to enter in Box 7 on IRS Form 1099-R. Here’s a guide to help you choose the correct code.
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